Expecting customers to pay cash at a POS is unrealistic, especially in today’s digital world where most people are using credit cards or even smartphones to pay for goods and services in a real life setting. If you’re a small business and in the market for a reliable third party credit card processing service, here are a few tips to help you find the best one out there.
1. Pay Attention to Fees
One of the most common ways that businesses lose money on credit card processing is because they fail to look at how much they’re paying in fees. Fees vary by company, as well as the cut percentage they take on transactions, so it’s best to read the fine print. You may find that a credit card processor will charge up to five percent, on top of other fees that relate to minimum balances and account maintenance.
2. Specific Services to Look For
While credit card processing may seem to be a relatively straightforward need, it gets more complicated when you start looking closer. For example, Nerd Wallet strongly recommends that you should ensure that your payment processor not only takes all major credit cards, but it’s also worth researching if new types of payment methods, such as Apple Pay, can also be accepted. First Data card processing services provides a good model of what to look for in credit card compatibility and how payments are processed, but also the types of tools that payment companies can offer to help you evaluate customer analytics.
3. Find a Company with the Best Rates
Whether you’re using First Data card processing services or any other company, you should always be looking for competitive rates. Given the number of startups and small businesses that form every year all around the world, credit card processing companies are constantly on the lookout for how to acquire new customers with diverse incentives and money saving opportunities.
Finding a reliable card processing provider is essential to maintaining a robust customer base by making purchases easy. As long as you thoroughly review the fees and offers you’ll be dealing with, it’s a worthy investment in the long-term.